Dorian LPG - ein börsennotiertes Neubauprogramm (Seite 5)

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Auszüge aus der Q1-Meldung

Dorian LPG Ltd. Announces First Quarter Fiscal Year 2017 Financial Results


STAMFORD, Conn., July 28, 2016 /PRNewswire/ --

Dorian LPG Ltd. (NYSE: LPG) (the "Company" or "Dorian LPG"), a leading owner and operator of modern very large gas carriers ("VLGCs"), today reported its financial results for the three months ended June 30, 2016.


Highlights for the First Quarter Fiscal Year 2017

Revenues of $50.5 million and Daily Time Charter Equivalent ("TCE") rate for our fleet of $26,398 for the three months ended June 30, 2016.

Net loss of $1.3 million, ...

Increased vessel operating days to 1,885 in the three months ended June 30, 2016 from 579 in the same period in the prior year and increased fleet utilization to 94.2% from 89.4%.

Repurchase of 1.3 million shares of common stock for approximately $11.7 million during the three months ended June 30, 2016 under the previously announced share repurchase program of up to $100 million.


John Hadjipateras, Chairman, President and Chief Executive Officer, commented,
"Our results for the quarter, against the backdrop of an increasingly challenging freight market, reflect the benefits derived from the management of the Helios Pool and our balanced chartering strategy. Our utilization rate and daily operating expenses are at competitive levels benefiting from focused management and a modern and homogeneous fleet. As we pursue our mission of customer service supported by our strong balance sheet, we are evaluating opportunities in the current market conditions."


First Quarter Fiscal 2017 Results Summary

...

The decrease of $9.2 million in adjusted net income for the three months ended June 30, 2016 compared to the three months ended June 30, 2015 is primarily attributable to an $11.3 million increase in depreciation and amortization, a $9.3 million increase in vessel operating expenses, a $6.9 million increase in interest in finance costs, and a $1.1 million increase in realized loss on derivatives, partially offset by a $14.9 million increase in revenues, a $2.7 million decrease in voyage expenses, and a $1.6 million decrease in general and administrative expenses.

The TCE rate for our fleet was $26,398 for the three months ended June 30, 2016, a 52.4% decrease from the $55,474 TCE rate from the same period in the prior year, reflecting more subdued market conditions. However, total fleet utilization (including the utilization of our vessels deployed in the Helios Pool) increased from 89.4% in the quarter ended June 30, 2015 to 94.2% in the first quarter of fiscal 2017. Please see footnote 6 below for other information related to how we calculate TCE.

Vessel operating expenses per day declined to $8,040 in the three months ended June 30, 2016 from $10,203 in the same period in the prior year. This decrease is primarily due to the increase in the proportion of new VLGCs in our fleet and the phasing out of training costs for new crews that were incurred in the prior period.

...

Share Repurchase Program

In August 2015, our Board of Directors authorized a stock repurchase program of up to $100.0 million of our common stock on or before December 31, 2016. As of June 30, 2016, we repurchased a total of 3,187,765 shares of our common stock for approximately $32.6 million under this program, resulting in $67.4 million of available authorization remaining. During the three months ended June 30, 2016, we repurchased 1,255,300 shares of our common stock for approximately $11.7 million.

...

Market Outlook Update

LPG trade fundamentals continue to develop favorably. Through July 2016, the global seaborne LPG volumes amounted to 48 million metric tons compared to 45 million during the same period last year. In particular, activity from the U.S. Gulf and the Middle East has remained high in 2016, notwithstanding Mt. Belvieu prices remaining higher than expected and a pronounced lack of arbitrage trades in the markets.

The pricing competition that has developed between the U.S. Gulf and the Arabian Gulf export nations has kept utilization of the fleet at higher than 90% in spite of more than 30 new vessels having been delivered year-to-date. Favorable pricing compared to naphtha has helped LPG exports from the U.S. to Europe, China, as Chinese PDH plants continue to operate at 90-100% capacities, and India, as Indian import terminal waiting times are starting to build-up again. U.S. LPG terminal operators have recently seen export cargo volumes cancelled or deferred, and some contracts renegotiated, all of which have helped the seasonal build-up of the U.S. inventory stocks in anticipation of winter demand. The neo-Panama Canal has opened and a number of LPG vessels have transited albeit at higher canal toll levels than anticipated. The impact on the shipping markets is still to be determined.

Spot charter rate levels remain at lower levels, but fleet utilization remains strong. As the remainder of the order-book delivers through the second half of 2016 and into 2017, the shipping market is expected to balance through a combination of increased LPG trade and more vessels slow steaming and performing storage functions or being scrapped. There can be no assurances concerning the realization of improved future industry conditions or freight rates.


Seasonality

Liquefied gases are primarily used for industrial and domestic heating, as a chemical and refinery feedstock, as a transportation fuel and in agriculture. The LPG shipping market is typically stronger in the spring and summer months in anticipation of increased consumption of propane and butane for heating during the winter months. In addition, unpredictable weather patterns in these months tend to disrupt vessel scheduling and the supply of certain commodities.

Demand for our vessels therefore may be stronger in our quarters ending June 30 and September 30 and relatively weaker during our quarters ending December 31 and March 31, although 12-month time charter rates tend to smooth these short-term fluctuations. To the extent any of our time charters or the charters of the vessels in the Helios Pool expire during the relatively weaker fiscal quarters ending December 31 and March 31, it may not be possible to re-charter the vessels at similar rates. As a result, we and the Helios Pool may have to accept lower rates or experience off-hire time for the vessels, which may adversely impact our business, financial condition and operating results.

[deltavention]

http://www.bwlpg.com/Investor-Centre/Events-and-Presentation…

Mal in die letzte Präsentation beim BlueChip- Konkurrenten reinschauen!

Fundamentalisten sind zwar ordentlich, ABER:

Flottenwachstum derzeit enorm, bei nur wenigen Schiffen > 20 Jahre, die zur Verschrottung laufen!

Fazit: Da werden die Frachtraten vorerst weiter runter gehen und die Kurse der LPG Carrier werden dem folgen!!!

[deltavention]

Zu viele neue Schiffe im Wasser!

Das wird für weitere ATL bei den Frachtraten Sorgen.

Würde ich nicht anpacken, der Boden ist noch nicht zu sehen...

http://www.hellenicshippingnews.com/rising-vlgcs-fleet-to-pu…

[freddy1989]

Es gibt eine neue Presentation

http://dorianlpg.com/wp-content/uploads/2016/06/Dorian-LPG-J…

[freddy1989]

Mal nee Frage an die Experten hier im Forum erwartet ihr "shipping Rates"wie im letzten Jahr? die Kapazitäten sind ja gestiegen aber auch mehrere Schiffe am Markt....

http://www.sec.gov/Archives/edgar/data/1596993/0001104659140…

[mge]

Wenn schon Transport im ÖL/Gassektor: Warum nicht eine Scorpio Tankers (STNG) die noch eine Dividende in Höhe von fast 9% abwirft? P/E in etwa vergleichbar (5,x gegenüber 4,x bei Dorian). Verschuldung habe ich nicht verglichen. Ist aber bei Scorpio noch im Rahmen.

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nachgelegt

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aus der Pressemitteilung zu den Jahreszahlen gestern:

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"Market Outlook Update

LPG trade has been strong in the first five months of 2016, as evidenced by US LPG monthly export volumes twice reaching a record of over 2.3 million tons in that time period. More than 80 percent of those cargoes originated from US Gulf export terminals with Marcus Hook and Ferndale exporting the remaining cargoes.

More than half of the US LPG cargo exports cargoes were destined for Far East discharge. Middle East Gulf exports have continued to grow this calendar year by about 4-5% over last year and are expected to reach more than 37 million tons of LPG exports for calendar 2016.

VLGC utilization has remained high (above 90%) for most of this year. With more than 80 million tons of seaborne LPG trade expected in 2016, we believe most of the vessels in the fleet will remain well utilized.

On the demand side trade has generally benefited from lower oil prices. India and China have more recently become the dominant markets for LPG volumes.

India is on track to well exceed 10 million tons of LPG imports for 2016 versus 9.2 million tons in 2015.

China imports of LPG for the first calendar quarter of 2016 have increased over the same period last year by 1.42 million tons to 3.63 million tons.

We expect that, during the third calendar quarter of 2016, the seasonal restocking program will commence in the West, requiring rebuilding of stocks that invariably result in increased activity for LPG markets.

While these factors support good fundamental demand for LPG and LPG shipping, there can be no assurances that such trends will continue or that future freight rates, export capacity, export volumes, or the effects of the New Panama Canal will materialize.


Seasonality

Liquefied gases are primarily used for industrial and domestic heating, as a chemical and refinery feedstock, as a transportation fuel and in agriculture.

The LPG shipping market is typically stronger in the spring and summer months in anticipation of increased consumption of propane and butane for heating during the winter months. In addition, unpredictable weather patterns in these months tend to disrupt vessel scheduling and the supply of certain commodities.

Demand for our vessels therefore may be stronger in our quarters ending June 30 and September 30 and relatively weaker during our quarters ending December 31 and March 31, although 12-month time charter rates tend to smooth these short-term fluctuations. To the extent any of our time charters expire during the relatively weaker fiscal quarters ending December 31 and March 31, it may not be possible to re-charter our vessels at similar rates.

As a result, we may have to accept lower rates or experience off-hire time for our vessels, which may adversely impact our business, financial condition and operating results."

[freddy1989]

Hier nochmal was zum lesen die Schiffe von Dorian LPG , Avance Gas sollte gut gebucht sein....

Asia's record LPG shortfall to attract increasing U.S. exports


Asia looks to U.S. to fill supply void

* Total Asian demand to reach 113 mln T this year - IHS

* U.S. 2016 exports to Asia to rise to fresh record at 300,000 bpd - JBC Energy

By Seng Li Peng

SINGAPORE, March 31 Asia's supply shortfall of liquefied petroleum gas (LPG) will rise to record highs for at least the next two years, drawing ever more U.S. exports to fill the void.

The deficit between what Asia can supply and demand for LPG will rise to a record of 1.42 million barrels per day (bpd) in 2016, surpassing last year's 1.3 million bpd, said David Wech, managing director of consultancy firm JBC Energy.

This deficit will increase to 1.5 million bpd by 2017, he added. As a result, the region may draw almost 300,000 bpd of LPG from the United States in 2016 and 340,000 bpd in 2017, said Wech.

U.S. exports to Japan, South Korea, Singapore and China, the world's largest LPG consumer, already hit a record in 2015, averaging 248,000 bpd, data from the U.S. Energy Information Administration showed.

Importers of U.S. LPG include Japan's Astomos Energy Corp and Eneos Globe Corp, South Korea's E1 and China's Unipec.

"Since 2009, every year has seen a new all-time high in Asia's LPG deficit due to strong LPG demand growth," said Wech.

U.S.-based Enterprise Products Partners and Phillips 66 are poised to fill Asia's demand as they have either recently expanded their export capabilities or, in the case of Phillips, will be opening a new terminal later this year.

"In the case of South Korea, around 80 to 85 percent of the LPG imports are from the Middle East (Asia's key supplier) and 15 to 20 percent from the U.S, which will likely increase its share from this year. It will be an interesting market," said a LPG consumer.

The U.S. holds a price advantage over Middle Eastern suppliers with propane at the Mont Belvieu, Texas, hub at 43 cents per gallon, or about $230 a tonne, although that does not include freight for the voyage to Asia. That compares to the current contract price from Saudi Aramco at $283.

LPG is a mixture of two gases, butane and propane. Asian consumers primarily use the fuel for cooking and heating but the gas also powers cars and is used as a petrochemical feedstock.

Asia's growing dependence on U.S. LPG may mean higher propane and butane prices for American consumers as exports pull supply away, analysts at Barclays Capital said in a March 28 note.

"As supply and demand fundamentals continue to improve due to increased export levels and domestic (U.S.) demand, we believe ethane and propane are well positioned," said Barclays.

PETROCHEMICALS DRIVE ASIAN DEMAND

Asia's demand needs will steer the market direction.

The region's total LPG consumption, including the Indian subcontinent, is projected to reach 113 million tonnes in 2016, or about 3.6 million bpd, said Yanyu He, director of Natural Gas Liquids Research at IHS, adding that the region has the most acute supply shortages in the world.

This is up from 105 million tonnes in 2015 and it will grow to 121 million tonnes next year, said He.

Residential and commercial users accounted for about 65 percent of the Asian LPG market in 2015 though this will ease to about 64 percent in 2017, said He.

The petrochemical industry will drive Asian LPG demand growth to meet the increasing need for plastics, especially as a packaging material to feed the e-commerce sector.

Petrochemical consumption will account for 15 percent of total Asian LPG usage by 2017, said IHS's He, up from 11 percent in 2015.

New specialised propane dehydrogenation (PDH) plants that use LPG to produce propylene, a precursor to plastics, that have been built recently in South Korea and China are driving that growth.

Additional petrochemical demand occurs when LPG prices drop to at least $50 a tonne lower than naphtha, a light oil product also consumed by the industry. Currently the gap is about $35.

Naphtha crackers can replace up to 15 percent of their naphtha with LPG when the economics work. An average of about 750,000 tonnes of LPG a month could be used this way, said He.

LPG can be extracted from gas fields and during the crude refining process. Typically, a crude oil grade will yield less than five percent LPG when run through a distillation unit.

With a large number of natural gas fields and extensive crude distillation capacity, the Middle East has traditionally supplied Asian LPG needs.

The Middle East's LPG surplus after meeting domestic consumption, most of which will go to Asia, will tick up to 1.25 million bpd this year from 1.23 million bpd in 2015 and reach 1.26 million bpd in 2017, said Wech.

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Helios LPG Pool LLC Enters into an Agreement to Operate Eight VLGCs from Oriental Energy Co. Ltd.

STAMFORD, Conn., March. 14, 2016 /PRNewswire/ --

Dorian LPG Ltd. (NYSE:  LPG) ("Dorian LPG") announced today that Helios LPG Pool LLC ("Helios LPG"), an LPG vessel pool jointly operated by Dorian LPG and Phoenix Tankers Pte Ltd., has reached an agreement with Oriental Energy Company Ltd., (SSE: stock code 002221) ("Oriental Energy"), one of the largest propane dehydrogenation plant (PDH) operators and importers in China, whereby Helios LPG will operate eight VLGC's for Oriental Energy. In addition, Helios LPG has entered into a COA with Oriental Energy covering their shipments from the United States Gulf.

CEO and Chairman John Hadjipateras commented, ""The Helios Pool will increase its market presence by a substantial number of ships and operate a significant cargo system for one of the largest PDH operators and importers of LPG to China. I am a strong believer in the potential of LPG as a fuel which can provide efficient clean energy and am very happy to have contracted with one of the most substantial and significant companies in the field of LPG."